Philippines General Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2025
Philippines General Insurance Market Report Overview
The gross written premium of the Philippines general insurance market was PHP89.6 billion ($1.8 billion) in 2021 and is expected to achieve a CAGR of more than 7% during 2020-2025. The Philippines general insurance market research report provides in-depth market analysis, information, and insights into the Philippines’ general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded & cession rates, during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Philippines’ economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Philippines General Insurance Market Outlook, 2021-2025 (PHP Billion)
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Philippines General Insurance Market Trends
Digitalization, insurance fraud detection, sustainability, healthcare, ESG and telemedicine are some of the key trends driving the Filipino GI market.
In 2022, the Philippines’ Government launched a new Sustainable Finance Framework that highlights how the government intends to raise green, social, and sustainability bonds, loans, and other debt instruments in international capital markets.
Most recently, Lopez-led First Gen Corp. launched an online ESG platform which lays down its approach to sustainability to attract investors who prefer stocks with strong ESG commitments. Apart from providing information on the positive impact it has across the three ESG areas, the profile allows stakeholders to review First Gen’s rapidly evolving ESG practices.
Philippines General Insurance Market Segmentation by Lines of Business
The key lines of business in the Philippines general insurance market are property, motor, liability, financial lines, MAT, and miscellaneous. Motor insurance had the highest market share in the Philippines general insurance market in 2021.
Motor Insurance: The Philippine automotive industry took a huge hit in 2020 due to the COVID-19 pandemic. However, the vehicle ownership rate and the used vehicle sales in the Philippines are growing at a substantial rate which would result in healthy growth in the Philippines motor insurance line.
Philippines General Insurance Market Analysis by Lines of Business, 2021 (%)
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Philippines General Insurance Market - Competitive Landscape
The leading general insurance companies in Philippines are Malayan Group of Insurance Companies, Pioneer lnsurance & Surety Corporalion, Prudential Guarantee & Assurance Inc., BPI/MS Insurance Corporation, FPG lnsurance Company lnc. (Federal Phoenix), Pacific Cross Insurance Inc. (Blue Cross Insurance Inc.), Standard lnsurance Company lnc., Charter Ping An Insurance Corporation, PGA Sompo lnsurance Corporation, and UCPB General lnsurance Company lnc., among others. Malayan Group was the leading insurer in 2021, followed by Pioneer Insurance and Prudential.
Malayan Group of Insurance Companies: Malayan Insurance is a key subsidiary of Tokio Marine Holdings Inc. and provides a range of property and casualty insurance products, such as fire insurance, aviation insurance, engineering insurance, marine insurance, motorcar insurance, personal accident insurance, and surety bonds.
Philippines General Insurance Market Analysis by Companies, 2021 (%)
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Philippines General Insurance Market Report Overview
| Market Size (2021) | PHP89.6 billion ($1.8 billion) |
| CAGR | >7% |
| Forecast Period | 2020-2025 |
| Historical Period | 2016-2019 |
| Key Lines of Business | Property, Motor, Liability, Financial Lines, MAT, and Miscellaneous |
| Leading Companies | Malayan Group of Insurance Companies, Pioneer lnsurance & Surety Corporalion, Prudential Guarantee & Assurance Inc., BPI/MS Insurance Corporation, FPG lnsurance Company lnc. (Federal Phoenix), Pacific Cross Insurance Inc. (Blue Cross Insurance Inc.), Standard lnsurance Company lnc., Charter Ping An Insurance Corporation, PGA Sompo lnsurance Corporation, and UCPB General lnsurance Company lnc |
Segments Covered in the Report
Philippines General Insurance Market Lines of Business Outlook (Value, PHP Billion, 2016-2025)
- Property Insurance
- Motor Insurance
- Liability Insurance
- Financial Lines Insurance
- MAT Insurance
- Miscellaneous Insurance
Scope
This report provides a comprehensive analysis of the general insurance segment in the Philippines –
- It provides historical values for the Philippines’ general insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top general insurance companies in the Philippines and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Philippines’ general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Philippines’ general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of the Philippines general insurance market was PHP89.6 billion ($1.8 billion) in 2021.
The general insurance market in Philippines is expected to achieve a CAGR of more than 7% during 2020-2025.
The key lines of business in the Philippines general insurance market are property, motor, liability, financial lines, MAT, and miscellaneous.
The leading insurance companies in the Philippines’ general insurance industry are Malayan Group of Insurance Companies, Pioneer lnsurance & Surety Corporalion, Prudential Guarantee & Assurance Inc., BPI/MS Insurance Corporation, FPG lnsurance Company lnc. (Federal Phoenix), Pacific Cross Insurance Inc. (Blue Cross Insurance Inc.), Standard lnsurance Company lnc., Charter Ping An Insurance Corporation, PGA Sompo lnsurance Corporation, and UCPB General lnsurance Company lnc, among others.
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